Author Topic: Best sources for foreclosures, etc  (Read 1857 times)

MrSal

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Best sources for foreclosures, etc
« on: October 06, 2016, 11:03:29 PM »
Hi everyone...

In my endeavor of starting my real estate empire (hopefuilly) I am organizing a system. I have been searching sources in order to find potential deals and I was interested in knowing what are your choices?

Are there specific websites, databases for foreclosed or REO properties? Even if it's a paid database...

I am aware of auction.com, realtytrac.com and zillow.com and trulia.com however, these seem to be common listings that are in the open marketplace.

Since I am new in the US and the real estate procedures are so different than in my country, any other tips of finding good deals?

I have been seeing so called sheriff sales and such ... Foreclosed properties have to mandatorily show up on the local newspaper correct?

Any other tips on how to help this guy start is RE endeavour in the US would be appreciated.

One action I did was to talk to my mail man and let him know, if he has seen any property that looks sort of abandoned or has a written notice on a door, to let me know and if I close I will give him 750 dollars.

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE

thd7t

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Re: Best sources for foreclosures, etc
« Reply #2 on: October 07, 2016, 07:22:12 AM »
Following, because I am curious.

Enigma

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Re: Best sources for foreclosures, etc
« Reply #3 on: October 07, 2016, 08:38:59 AM »
I use auction.com and williaimsauction.com (I have bought from williamsauction)

One thing to note is auction.com will let me know if I need to register with a different site (sometimes the county/city) for their auctions.

Banks also have their websites for foreclosures.  They tend to need to get rid of them so their books are cleaner (I have bought from the banks).  For example wells fargo sends me an email every week, bank of america has their site, and usbank.  I forget what site I went to but one of them gave me all the bank websites and all the government foreclosure websites.

So those aside I have also looked at government auctions of houses (due to taxes or seizes).  A nice area to look is the government site below:
https://www.usa.gov/auctions-and-sales

Again those are the areas I tend to focus

Zikzin

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Re: Best sources for foreclosures, etc
« Reply #4 on: October 09, 2016, 08:28:06 PM »
I use auction.com and williaimsauction.com (I have bought from williamsauction)

One thing to note is auction.com will let me know if I need to register with a different site (sometimes the county/city) for their auctions.

Banks also have their websites for foreclosures.  They tend to need to get rid of them so their books are cleaner (I have bought from the banks).  For example wells fargo sends me an email every week, bank of america has their site, and usbank.  I forget what site I went to but one of them gave me all the bank websites and all the government foreclosure websites.

So those aside I have also looked at government auctions of houses (due to taxes or seizes).  A nice area to look is the government site below:
https://www.usa.gov/auctions-and-sales

Again those are the areas I tend to focus

Do you need to purchase them in cash or do they also offer financing? or if you are pre approved with a lender can you also purchase?
I am very new to this and still learning, and would like to learn how to purchase foreclosures.

Thanks!

Enigma

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Re: Best sources for foreclosures, etc
« Reply #5 on: October 10, 2016, 06:09:35 AM »
Cash... Very few allow you to do financing.

At the point that a property is a foreclosure or gov repo, the property has been festering on their books and has been toxic to the holder.  For example, I did a bank repo and the property had been on their books for almost a full year.  The bank had to pay taxes, lawn care, electric, water, absorb thousands in losses, etc...  I paid 1/3rd of the original price and even the bank stated that they wanted more.  The bank wouldnt have wanted to keep it on their books and continue to look at it while giving me a loan.  Even if they would have gone with that they would have asked full price.

medinaj2160

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Re: Best sources for foreclosures, etc
« Reply #6 on: October 10, 2016, 11:37:56 AM »
I am interested in buying my first rental or flip property and I been having difficulties finding a good deal in Greenville County SC.

Thanks for the suggested websites

Enigma

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Re: Best sources for foreclosures, etc
« Reply #7 on: October 11, 2016, 05:34:16 AM »
If I were buying my first rental or flip property I would be doing two things.

1) Saving and getting pre-approval to buy from lenders
2) Be looking at lots of current prices (rentals, things for sale, auctions, etc)

A rule of thumb...  Look at 10 properties before you buy...  Even if the property you looked at first is the one you intend to buy.